The CEO of Binance, Richard Teng, has alleged that Nigerian officials solicited a $150 million bribe from the cryptocurrency exchange. Teng claimed that after a meeting in Abuja on January 8, 2024, unidentified individuals approached Binance employees suggesting a payment to settle accusations. Subsequently, the exchange’s attorney received a demand for a substantial cryptocurrency payment to be made discreetly within 48 hours.

The Nigerian government has refuted these claims amid a crackdown on cryptocurrency activities in response to the devaluation of the naira against the US dollar, attributed by the government to crypto speculators. Investigations by the EFCC into Binance and other exchanges for alleged foreign exchange manipulation and money laundering have been ongoing.

Teng’s allegations have sparked outrage and worry within the cryptocurrency community, urging for transparency and accountability from Nigerian authorities. This incident has also raised concerns about Nigeria’s regulatory environment and its treatment of cryptocurrency enterprises.

The Nigerian government’s denial hints at a potential standoff between the authorities and Binance, a major global cryptocurrency exchange. The outcome of this situation will determine the future of cryptocurrency in Nigeria and impact the regulatory landscape.

In response to Binance’s claims, the spokesperson for the National Security Adviser, Zakari Mijinyawa, stated that investigators have a different interpretation of events and facts, which will be addressed in court with due process and justice ensured.

This event adds to Binance’s legal challenges worldwide. In the US, founder Changpeng Zhao was sentenced to four months in prison due to security lapses allowing illicit groups to trade on the platform. Binance settled US allegations by paying $4.3 billion in November.

In Nigeria, the confrontation led to the arrest and detention of two Binance employees, Tigran Gambaryan and Nadeem Anjarwalla, on charges of tax evasion, currency speculation, and money laundering. Gambaryan currently remains incarcerated in Abuja, awaiting trial, while Anjarwalla escaped custody.

Binance CEO Richard Teng criticized the detention of mid-level employees who participated in collaborative policy discussions, emphasizing the precedent set for all companies globally. This case underscores the legal ambiguities and challenges faced by cryptocurrency exchanges like Binance in Nigeria and around the world.